The British pound came under pressure on Thursday as dollar index holds steady around 100 mark owing to safe haven demand amid ongoing geopolitical turmoil. The stalled peace process in the Middle East provides some support to greenback, although recent US inflation figures showed some moderation of inflationary pressures and reduce bets of further rate cut, limiting upside for the DXY. Besides, mild gain for the pound on the back of positive UK GDP data has been largely offset by weaker than expected factory output. Data released by the UK National Statistics Office revealed that the country’s economy grew at a steady 0.4% pace in the second quarter, as expected, showing a moderate slowdown from the 0.6% growth seen in the previous quarter, while the monthly GDP accelerated 0.3% in June, against expectations of a steady 0% reading. Meanwhile, industrial Production contracted 0.2% in June, against expectations of a 0.1% growth, and May’s reading was revised to a 0.7% fall, from the ..
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